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“One area I would pin blame on Bush is in his push to expand home ownership.”
Although I would blame Bush for more, I do agree with you on this. I think it’s a far better investment to expand financial literacy so that people are capable of making the right financial decisions for their families because homeownership certainly is the right road for a whole lot of people.
jackal — I’ve posted my view before of what went wrong in Bush era in terms of bank regs. There was aggressive fed agency use of preemption doctrine to block efforts by many states to regulate subprime lending market as things started to heat up and get out of control. Lots of folks in govt and outside saw a big problem coming with subprime lending and oversecuritization long before the market seized up and even before home values started to cascade in parts of the country. Not technically a deregulation, but Bush admin not only failed in stunning fashion to respond to the excesses, they affirmatively abetted those excesses by blocking state govt from doing anything.
lech: Well, I may be a blithering idiot, but it’s better than being ignorant, confrontational, overwrought and borderline psychopathic in your desire to rile up people (and hate them too).
I feel profoundly sorry for your wife and family if they find out what you really are.
“Would a 1-term limit on all gov positions gotten us real reform as the politicians wouldn’t have to worry about re-election exposures, etc?”
Really good question, M4L.
One area I would pin blame on Bush is in his push to expand home ownership. Many say that this directive pushed Fannie and Freddie to get into the business of underwriting sub-prime mortgages. To their credit, they later realized that Fannie and Freddie were being lax in their underwriting standards, and put on the brakes. By that time, however, the MBS market jumped into sub-prime.
None of this relates to financial services regulation, however.
It also demonstrates how the best of intentions (expanding home ownership) can blow up in your face.
deREG is past history. I’m more annoyed GOV didnt grew “a SET” and took care of business with the reform bill. Would a 1-term limit on all gov positions gotten us real reform as the politicians wouldn’t have to worry about re-election exposures, etc?
“The most significant deregulation of the financial services industry in the past few decades took place in 1999. Clinton was president. Many believe, rightly or wrongly, that this contributed greatly to the 2008/2009 market disruptions.”
This is 100% true.
“By cmu on October 26, 2010 12:32 PM
lech: Look it up yourself. I’m not educating the ignorant.”
HAHAHAHAHAHAHAHAAAAAAHAHAHAHA AAaah hahahaha
[wiping eyes]
OK. Here’s a starter education for you, you borderline retard. And I don’t need to look any of this up: I’m quite knowledgeable in this area. It’s what I do for a living.
– The most significant deregulation of the financial services industry in the past few decades took place in 1999. Clinton was president. Many believe, rightly or wrongly, that this contributed greatly to the 2008/2009 market disruptions.
– There was, overall, no significant deregulation of financial services in the Bush years. In fact, regulations were tightened in several important respects. There are some individual examples of loosening of particular standards, as is the case in every administration, but there was no overall deregulatory trend.
– In fact – not limited to financial services, but with a big impact on the industry – the Sarbanes Oxley Act and key reforms in the area of executive compensation were enacted during the Bush years. Overall the regulation of public companies was substantially tightened during the Bush years.
You are a blithering idiot, cmu. Bush deregulated the financial services industry….. did you read that on some liberal blog somewhere and accept it as truth?
The amazing thing about you is that not once have I suspected you of actually understanding anything you say. Everyone else seems to, to varying degrees, but I think you literally just regurgitate whatever the liberal catch phrase of the day happens to be without understanding it at all.
lech: Look it up yourself. I’m not educating the ignorant.